M/I Homes posts loss of $22 million for first quarter

M/I Homes Inc. said today it lost $22.2 million during the first quarter of 2008 after taking a writeoff of $22.3 million, in part because of declining land values amid the housing industry downturn.

The Columbus homebuilder posted the $1.58 per-share loss while reporting revenue of $156.1 million. Revenue fell from $216.6 million in the first quarter of 2007, when it recorded net income of $2.2 million.

M/I Homes said recently it signed 554 new contracts in the first quarter, a 40 percent year-over-year decline.